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(a) All assets of the State Police Retirement System are transferred to the Arkansas Public Employees’ Retirement System to hold in trust for the State Police Retirement System.
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(b) There is created under the Arkansas Public Employees’ Retirement System a division that shall be known as the “State Police Trust Fund”.
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(c)
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(1) The State Police Trust Fund shall not be treated as segregated funds but shall be commingled with the assets of the Arkansas Public Employees’ Retirement System strictly for investment purposes.
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(2) The assets shall be managed solely for the benefit of the retirees and beneficiaries of the State Police Retirement System and shall not be divested from the Arkansas Public Employees’ Retirement System unless it can clearly be demonstrated it would be actuarially and fiscally prudent to do so.
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(d)
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(1) As employer, the Department of Arkansas State Police shall make contributions to the State Police Trust Fund based on a percentage of each active state police officer’s salary at the rate established to fund the State Police Retirement System’s benefit program before July 1, 2009.
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(2) All other sources of revenue commonly accruing to the State Police Retirement System shall be payable to the State Police Trust Fund.
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(e) The Board of Trustees of the State Police Retirement System, the Board of Trustees of the Arkansas Public Employees’ Retirement System, and administrative staff shall be immune from any suit or action based in whole or in part on the transfer of assets contemplated by this act.
